Caledonia Investments (LSE:CLDN) confirmed it has completed the sale of its minority interest in Stonehage Fleming to Corient Private Wealth, receiving cash proceeds net of transaction expenses of £290m.
Caledonia, a FTSE 250 self-managed investment trust, noted that it acquired its initial stake in July 2019 and worked with Stonehage Fleming's management as the multifamily office expanded cross-border and broadened its services.
The proceeds, which include amounts previously expected to fall due post-completion and dividends received to date, represent a 3.2x multiple on invested cost, a 20% internal rate of return and a 33% uplift versus the 31 March 2025 carrying value, with contingent consideration of approximately £4m payable in two and three years.
On completion, Private Capital will represent approximately 23% of Caledonia's net asset value, below its strategic allocation range of 25-35%, and the realisation strengthens the group's liquidity and flexibility.
Caledonia said it expects to reinvest a meaningful proportion of the proceeds into Private Capital while holding the remainder on deposit and assessing opportunities across its Public Companies, Private Capital and Funds pools and share buybacks.
"The sale of Stonehage Fleming is a fantastic outcome for Caledonia and an excellent example of our approach - investing in high-quality compounding businesses and supporting management teams as they scale," said CEO Mat Masters.
